Free Trial

NYMEX HO: (V17) 200-DMA Support Key.......>

OIL TECHS
OIL TECHS: NYMEX HO: (V17) 200-DMA Support Key Today
*RES 4: $1.6814 - High Aug 10
*RES 3: $1.6734 - Daily Bear channel top
*RES 2: $1.6548 - High Aug 14
*RES 1: $1.6330 - High Aug 18
*PRICE: $1.6252 @ 0430GMT
*SUP 1: $1.6180 - High Aug 16 now support
*SUP 2: $1.6126 - 200-DMA 
*SUP 3: $1.5974 - Hourly resistance Aug 18 now support
*SUP 4: $1.5843 - Hourly support Aug 17
*COMMENTARY: Bulls took advantage of the bounce from ahead of the 100-DMA
($1.5546) and relatively bullish close Thursday with a close above the 200-DMA
seeing focus back on $1.6548-1.6841 where the bear channel top is noted. The
200-DMA is key support today. Bears now need a close below the 200-DMA to ease
renewed bullish pressure and shift focus back to the 100-DMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.